India's forex reserves fall to $634.287 billion

Mumbai: The country's foreign exchange reserves declined by $678 million to $634.287 billion in the week ended January 21, according to RBI data.

In the previous week ended January 14, the reserves had increased by $2.229 billion to $634.965 billion. It touched a lifetime high of $642.453 billion in the week ended September 3, 2021.

During the reporting week ended January 21, the dip in the reserves was on account of a drop in the Foreign Currency Assets (FCA), a major component of the overall reserves, as per the Reserve Bank of India's (RBI) weekly data released on Friday.

FCA declined by $1.155 billion to $569.582 billion in the reporting week. Expressed in dollar terms, FCA include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves.

Gold reserves increased by $567 million to $40.337 billion in the reporting week, the data showed.

The Special Drawing Rights (SDRs) with the International Monetary Fund (IMF) declined by $68 million to $19.152 billion.

The country's reserve position with the IMF also dipped by $22 million to $5.216 billion in the reporting week, the data showed.